Signaling the completion of months of negotiations, horse track owner Retama Development Corp. on Wednesday approved a resolution to move toward the sale of the 240-acre Retama Park to a new owner.

The new owner will be Pinnacle Retama Partners LLC, a majority of which will be owned by a Las Vegas-owned casino company.

The resolution will be presented to the Texas Racing Commission meeting at its Dec. 18 meeting in Austin as the commission considers a transfer of Retama Park's live-racing license to the new entity from its current holder, Retama Partners Ltd.

RDC lawyer Marc Schnall said the racing commission's approval is not assured at this time.

The resolution approved Wednesday authorizes Pinnacle Retama Partners LLC to acquire the assets of the Retama Development Corp., including the land, buildings and contents, at a future date to be determined by Pinnacle, Schnall said.

Pinnacle Entertainment Inc. in Las Vegas is in the process of acquiring 75.5 percent of the partnership that owns the horse racing license. The remaining 24.5 percent of the license will continue to be held by the current owners.